The analyst known as Moustache mentioned that the price of bitcoin (BTC) will rise soon to be between $38,000 and $40,000.
Through his Twitter account, the expert predicted that the pioneering cryptocurrency could embark on a rapid rally to fulfill this prediction.
#Bitcoin and The Wyckoff Method.
As I have said many times before:
$36.000 to $40.000 Dollars is inevitable in my opinion.
Is this already the beginning?
If so, it will happen quickly, because there is hardly any resistance from 32k upwards.💯 pic.twitter.com/9hd4i9t28S
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) August 9, 2023
Moustache relied on bitcoin’s anticipated rally, which saw hardly any resistance above the $32,000 level.
Many cryptocurrency users who responded to the analyst’s post agreed with his bullish BTC prediction.
One of the responses came from follower MichalCrypto96, who proposed three significant levels for the near-term rally of the flagship cryptocurrency at $35,000, $42,000 and $48,000.
#Bitcoin and The Wyckoff Method.
As I have said many times before:
$36.000 to $40.000 Dollars is inevitable in my opinion.
Is this already the beginning?
If so, it will happen quickly, because there is hardly any resistance from 32k upwards.💯 pic.twitter.com/9hd4i9t28S
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) August 9, 2023
Bitcoin at $200,000
Meanwhile, analyst Stockmoney Lizards said on Twitter that the next bull run would push the bitcoin price above $200,000 by 2025.
However, he indicated that BTC would fall to the $69,000 region after reaching that peak.
Stockmoney Lizards make their predictions based on the patterns observed in the bitcoin price cycle, a trend that has remained consistent over the past few years.
2013 – 2017 vs 2020 – 2025.
If we ignore halving date for a moment, you will find striking parallels between these two cycles.
Patterns repeat because human psychology doesn't change. pic.twitter.com/MCWPD2uEXR
— Stockmoney Lizards (@StockmoneyL) August 9, 2023
Altcoin market full of confidence
The recent bitcoin rally left a backdrop of optimism within the altcoins market, according to Santiment.
The market intelligence platform with social and on-chain metrics observed a bullish dynamic among several cryptocurrencies following the recent BTC price rally.
Santiment noted that bitcoin’s surge above $30,000 instilled confidence in cryptomarkets. According to the platform, many altcoins have shown signs of life following the move.
📈 With #Bitcoin's push back above $30k instilling confidence in #crypto markets, many #altcoins are showing signs of life. Keep an eye on #FOMO levels if prices continue pushing forward for the day, with $SOL, $TON, & $HBAR among the surging assets creating #bullish narratives. pic.twitter.com/n0YpmXvQP4
— Santiment (@santimentfeed) August 8, 2023
In particular, Santiment identified SOL, TON and HBAR as some of the altcoins creating bullish narratives by rising significantly.
The market intelligence platform advised cryptocurrency users to pay attention to the current market situation, to be on the lookout for a price rise continue to advance in the coming hours.
At the time of writing (16:25 UTC), the price of bitcoin stood at $29,724. The cryptocurrency retreated 0.55% in the last 24 hours, after experiencing resistance in the $30,000 price region. BTC accumulated gains of 1.55% in seven days.
Conclusion
The recent bitcoin rally over $30k has sparked optimism amongst analysts that further gains could be imminent. Moustache predicts BTC may rapidly climb to the $38-40k range in the coming days if momentum continues. While some believe $200k could be possible by 2025, most expect volatility to remain high in the nearer term.
The upbeat market sentiment has also lifted prices for major altcoins like Solana, Toncoin and Hedera following bitcoin’s rise. However, resistance remains in pushing above the psychological $30k threshold.
Traders will be monitoring whether bullish indicators like recovering hashrate can fuel buying activity to propel BTC upwards through key levels.
With positive expert forecasts but also lingering uncertainty, the coming week promises high anticipation. Both bitcoin and the broader crypto market appear energized but still require catalysts to sustain the nascent uptrend.
FAQs
What key price level does BTC need to exceed?
Overcoming resistance at $30,000 with volume could pave the way for testing upper levels at $35k, $38-40k per analysts. Rising above $30k improves market psychology.
What is driving the recent bitcoin rally?
Factors include recovering network hashrate from lows, short squeeze, and anticipation of interest rate decision this week providing direction. Renewed risk appetite has boosted crypto correlating with stocks.
How high could bitcoin get by 2025?
Some optimistic forecasts predict over $200k if momentum mimics past market cycles. But most expect high volatility and are skeptical of these lofty long-term projections.
Which altcoins are benefiting most from bitcoin’s rise?
Solana, Toncoin, and Hedera have outperformed with double-digit gains. Altcoins often rally harder during bullish bitcoin periods due to higher risk appetites.
Is now the time to buy BTC and altcoins?
Dollar cost averaging is recommended rather than trying to time market bottoms. But many experts advise waiting for confirmation bitcoin can break key resistance before significantly increasing crypto exposure.
WARNING: This is an informational article. Geek Metaverse is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that cryptoasset investments are not regulated in some countries.
Follow us on our social networks and keep up to date with everything that happens in the Metaverse!
Twitter Linkedin Facebook Telegram Instagram Google News Amazon Store
